- Businesses must be organized for profit
- Employ less than 150 people
- Have a net annual revenue for the most recent year of no more than 5 million dollars
- Business must be pre-approved at a participating lending institution for a reduced rate loan.
APPROVED DEPOSITORIES - Effective August 20, 2009 - August 31, 2013
- JP Morgan Chase Bank
- Fifth Third Bank
- FirstMerit Bank
- National City/PNC
- US Bank
- Westfield Bank, FSB
- Huntington Bank
- Charter One Bank
|Business Linked Deposit Program (282.82 KB)
Businesses must be organized for profit. Employ less than 150 people. Have a net annual revenue
|Linked Deposit Program Legislation (628.17 KB)
An Ordinance amending Chapter 181 of the Codified Ordinances of the County of Summit, entitled
In 1988 Summit County Council passed legislation making it possible to offer the Linked Deposit Program.
The Linked Deposit Program has provided businesses with the opportunity to participate in government and directly benefit from that participation.
The program is a good example of a partnership between government and the private sector where a healthy relationship has been developed for the good of county residents.
The Linked Deposit Program is tailored to the needs of Summit county businesses and has contributed to countywide economic revitalization by making available lower cost funds for lending purposes. Ultimately linked deposits are intended to create and save jobs for the citizens of our community.
I’m very grateful to all the people who helped me make this program a reality.
A well balanced partnership with government and small business. The county has up to $5 million to invest with local lending institutions at 3% below the normal yield earned on those deposits if the lending institutions agree to lend the funds to small businesses at 3% below their current borrowing rate. Minimum loan amount is $50,000 and the maximum amount is $250,000.
Eligible businesses must be organized for profit, employ less than 150 people and have net annual sales of no more than $5 million for the most recent fiscal year.
The small business must complete an application documenting the intended use of funds and create or save jobs. One full-time job is equivalent for every $25,000 requested.
SMALL BUSINESS PROCEDURE
The small business owner should contact a participating lending institution and apply for a reduced rate loan in the same manner it would apply for any loan. Creditworthiness is in the hands of the lender.
LINKED DEPOSIT CAN HELP
If the small business is eligible and can document the number of jobs created/saved, the lending institution then submits the application form requesting participation in the Linked Deposit Program.
Once the loan is reviewed by the lender, the linked deposit application is forwarded to the Fiscal Office for approval. If accepted, the Fiscal Office will purchase a reduced-rate certificate of deposit with a two year maturity from the lending institution for the amount requested. The rate reduction must be passed along to the small business for a term of two years. The loan may have more than a two-year maturity, but after two years the loan will return to a current market rate.
30 days before final maturity the business is notified of its option of a one time renewal for an additional two years.
STATE and COUNTY LINKS
A specific project may be linked to either the state or the county’s program, but not both at the same time. A company may, however, have separate and distinct projects linked to the state’s and county’s program simultaneously.